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accounting
accounting unit 2
40
Accounting
12th Grade
12/14/2011

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Term
the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a
Definition
Net income of $400
Term
Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure?
Definition
Record the account number that the entry was posted to in the journal in the post reference column
Term
RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500
Definition
Debit Cash and credit Accounts Receivable/Bill's Limos
Term
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $350; Cash Debit, $1,000; Cash Credit, $950. This means that the
Definition
Journal proves.
Term
William has almost finished updating the Supplies account at the end of the month. He has transferred all of the information in the General Journal to the General Ledger. What is the LAST step for William to do?
Definition
Record an account number in the journal.
Term
The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:
Definition
Net income of $150.
Term
Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?
Definition
Calculate the component percentages
Term
When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
Definition
Double rule across both amount columns
Term
When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?
Definition
Write the name of the company.
Term
On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:
Definition
Net loss of $250.
Term
Mary is preparing a Balance Sheet. What must she do after she completes the heading information?
Definition
Prepare the Asset section.
Term
John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?
Definition
Write the balance of each expense account.
Term
If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit:
Definition
Insurance Expense and credit Prepaid Insurance $1,200
Term
If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit:
Definition
Supplies Expense and credit Supplies $1,500
Term
If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit:
Definition
Supplies Expense and credit Supplies $1,500.
Term
What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250
Definition
Debit Cash and credit Sales
Term
PAID CASH FOR AN OFFICE DESK, $250
Definition
Debit Office Equipment and credit Cash
Term
PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200
Definition
Debit Advertising Expense and credit Cash
Term
PAID $150 FOR ADVERTISING
Definition
Debit Advertising Expense and credit Cash
Term
PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25?
Definition
Debit Miscellaneous Expense and credit Cash
Term
PAID CASH FOR PRINTER CARTRIDGES?
Definition
Debit Supplies and credit Cash
Term
A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit, $1,000; Cash Credit, $600. This means that the:
Definition
Journal does not prove.
Term
Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error?
Definition
Debit Utilities Expense, $250; credit Repairs Expense, $250
Term
James discovered that a transaction for an Advertising Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200. What is the entry to correct the error?
Definition
Debit Advertising Expense, $200; credit Miscellaneous Expense, $200
Term
RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500?
Definition
Debit Cash and credit Accounts Receivable/Bill's Limos
Term
RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800?
Definition
Debit Cash and credit Accounts Receivable/Burke Supply
Term
BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75?
Definition
Debit Supplies and credit Accounts Payable/Steinman Company
Term
BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250?
Definition
Debit Supplies and credit Accounts Payable/Jones Supply Company
Term
PAID CASH FOR RENT, $1000?
Definition
Debit Rent Expense and credit Cash
Term
PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900?
Definition
Debit Mark Johnson, Drawing and credit Cash
Term
PAID CASH FOR RENT, $700?
Definition
Debit Rent Expense and credit Cash
Term
PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500?
Definition
Debit John Smith, Drawing and credit Cash
Term
PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500?
Definition
Debit Accounts Payable/Avis Supply Company and credit Cash
Term
PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000?
Definition
Debit Accounts Payable/Jones Supply and credit Cash
Term
RECEIVED CASH FROM SALES, $2500?
Definition
Debit Cash and credit Sales
Term
RECEIVED BIKE RENTAL FEES, $375?
Definition
Debit Cash and credit Rental Fees
Term
PAID THE TELEPHONE BILL, $125?
Definition
Debit Utilities Expense and credit Cash
Term
HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS?
Definition
Debit Cash and credit HANS SCHMIDT, Capital
Term
PAID THE GAS BILL, $125?
Definition
Debit Utilities Expense and credit Cash
Term
RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000?
Definition
Debit Cash and credit Dana Jackson, Capital
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